Excessive Petty Cash Fund Amount
Department of Public Works and Highways · 2024
Severity: ModerateRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe office kept more petty cash than needed, tying up public funds and increasing the risk of theft or misuse.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The amount of PCF established at P150,000.00, is considerably higher than the actual monthly petty cash disbursement, which averaged to only 52.27 percent of the total PCF balance."